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News // Russia

Rosneft CEO Igor Sechin says Russia has potential to raise oil output

20 October 2016 , 14:39Neftegaz.RU1043

Russia could significantly increase oil production in the next 10 years up to an estimated 200 million metric tonnes of additional annual output, Rosneft CEO said in italian Verona on October 20, 2016.


«In the future, Russia can significantly increase oil production,» said Sechin.

The country has capacity to add as much as 200 million metric tons a year or 4 million barrels a day, if there’s demand and technological and economic conditions allow, he added.


«In the next year and a half we should see the end of surplus (on global oil markets) and the start of the process of the situation normalizing,» Igor Sechin told in Italy, adding that he saw oil prices rising to above $55 per barrel by then.


Saudi Arabia is suffering more than Russia, according to Sechin, who said the kingdom’s economic woes prompted its September decision to return to oil-market management after two years championing a pump-at-will policy. «This is what has happened to stimulate the very recent change in the nation’s position - a switch from battling for increasing market share to a search for partners in stabilizing oil prices,» Sechin said in Verona.

He later told reporters that Rosneft will follow any instructions on output from the Russian government if there’s a supply deal with OPEC.


Rosneft estimates the additional increase in global oil consumption of at least 15 million barrels per day until 2040, Sechin said.

«Almost all forecasts, including calculations, carried out by Rosneft show on the horizon of 2040 an additional increase in daily oil consumption of at least 15 million barrels.»


Russian Energy Minister Alexander Novak plans to meet his Saudi counterpart Khalid al-Falih this weekend to discuss coordination of possible actions on the global oil market.


To read this news in Russian.


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